Druckenmiller was on CNBC and gave a pessimistic outlook for the long-term viability of the U.S. government's budget. The current debate over the upcoming budget sequester was small potatoes, Druckenmiller believes compared to the real spending crisis.
Druckenmiller believes that the government's persistent budget deficits would eventually catch up with it. Although interest rates remained low for the time being, there would come a day when interest rates rapidly rise. As an example Druckenmiller cited Greece, where the bond market went from being fine to a full-on crisis in roughly two weeks.
The timing of such a rise in interest rates is impossible to predict, so Druckenmiller thinks there is still time to act as long as we don't wait much longer.